NEW YORK, July 11 (Xinhua) -- U.S. stocks traded higher on Thursday, supported by higher expectations on future rate cuts following the U.S. Federal Reserve chairman's testimony to the Congress.
At midday, the Dow Jones Industrial Average rose 196.48 points, or 0.73 percent, to 27,056.68. The S&P 500 was up 8.48 points, or 0.28 percent, to 3,001.55. The Nasdaq Composite Index increased 23.17 points, or 0.28 percent, to 8,225.70.
Shares of Delta Air Lines rose nearly 1.4 percent, after the Atlanta-based airline posted second-quarter earnings that beat analysts' estimates. The company also built up the outlook for its yearly profit, driven by rising travel demand.
Seven of the 11 primary S&P 500 sectors traded higher around midday, with the information technology sector up nearly 0.7 percent, leading the gainers.
Fed chair Jerome Powell reiterated that the central bank will always do "what's right for the U.S. economy" during his second day of testimony in front of the Congress on Thursday.
His testimony on Wednesday continued to underpin the market, as investors priced in a strengthening case for cutting interest rates at the Fed's policy meeting on July 30-31.
On the economic front, U.S. Consumer Price Index (CPI), a key metric of price levels of consumer goods and services, increased 0.1 percent in June, the same increase as in May, said the U.S. Bureau of Labor Statistics on Thursday.
Over the last 12 months, the all items index increased 1.6 percent before seasonal adjustment. Increases in the indexes for shelter, apparel, and used cars and trucks more than offset declines in energy indexes for the month. Enditem
